Should I help my boyfriend get out of debt?

I have been with my boyfriend for a year and a half. We are in a serious relationship, leading to living together in the future. We%26#039;re both in our early 50%26#039;s, divorced, older teen kids. As part of my divorce settlement my marriage home needed to be sold and I received a nice sum from the sale. I%26#039;m planning on using a large chunk for a down payment on my next residence. I%26#039;m currently renting an apartment and want to buy a condo. I will still have a nice amount left after the down payment. My boyfriend is in debt and wants to pay off all his debts, credit cards, etc., which will total about $25,000. He didn%26#039;t want to have to ask me if I could help him out, but he did and he wants to work out a repayment plan of putting a certain amount of his pay check into my account monthly. It will take about 5 years for him to repay me. He is willing to sign some sort of an agreement. I seriously doubt that he will not pay me back. What are people%26#039;s opinions of me lending him this money?

Should I help my boyfriend get out of debt?

Serious relationship or not, I would say %26quot;no%26quot;. You are in your 50%26#039;s and you both need to think about your financial security. Even with a repayment plan, things could go south. Loaning money is never a good thing, even to family, close friends. If you were married and equally sharing assets, I may think differently...

If you want to help him, the best thing to do is sit down with a financial advisor and help keep him on a budget and possibly negotiate down some of his debt. He%26#039;s a grown man who got himself into the situation, and after only knowing you for such a short time, has no place to ask you for that sort of money.

Think about it, your kids are growing up and will be in college or starting families soon. It makes more sense for you to put that extra money you have into an interest bearing account and profit from it rather than give it away and earn little or no interest from it. Right now you need to concentrate on providing for yourself for retirement and for the future of your family, not this man.

Should I help my boyfriend get out of debt?

I%26#039;m writing less than 300 characters for my answers but it will not take. Report It

Should I help my boyfriend get out of debt?

I you want to give him the money, that is your choice. If you consider this anything other than an outright gift, don%26#039;t do it. Report It

Should I help my boyfriend get out of debt?

I%26#039;m sorry, I would say no. My husband and I have been %26quot;screwed%26quot; too many times helping people out this way.

Should I help my boyfriend get out of debt?

do not do it thats what he is looking for then when all is said and done he will probably be gone good luck

Should I help my boyfriend get out of debt?

i say if you want to help go ahead, but like you said make him sign a contract stating the repayment terms. that way if for whatever reason you two part ways, he will still be bound to that agreement.

Should I help my boyfriend get out of debt?

It%26#039;s really how you feel about him...but If you think that you two could be married in the future then you might want to help him now so that his debt doesn%26#039;t become yours. I would definitely have some formal thing written up and signed and notarized so that no matter what happens he has to pay you back. that is a lot of debt......think about it. maybe ask your families opinion too.

Should I help my boyfriend get out of debt?

A good relationship is about support but you also need to protect yourself. Get legal advice and if you go for it, sign a water-tight contract.

Should I help my boyfriend get out of debt?

I would see an attorney or financial planner first. They could help you draw up an agreement that will protect you financially. 25K is a not inconsiderable sum of money, and you will be loaning it to someone who has already shown that they can have problems managing their money. This is not a valuation of you or the gentleman, but you do need to take care of yourself, and protecting your assets is included in that.

Should I help my boyfriend get out of debt?

It has been said that %26quot;a Fool and his money are soon departed%26quot;.

I think that if he is really serious about getting out of debt then he should get in touch with a debt counselor. There are some that don%26#039;t charge. They contact your boyfriend%26#039;s creditors and negotiate down the debt and take a commission from the creditors. This way your money is not in jeopardy. I am sure that his intentions on paying you back are honorable but things have a way of coming up were money is concerned. Additionally, by going to a debt counselor his total amount owed will be reduced. Best to let them set up a payment plan for your boyfriend.

Go to this site to find a debt counselor in your area..http://www.debtadvice.org/takethefirstst...

Should I help my boyfriend get out of debt?

Trust me....I too have been certain that things would work out with a boyfriend.....only to find out later that I was dead wrong.

Help a husband.....sure. Help a boyfriend......no way!!! Trust me on this!

It%26#039;s great to want to help ppl....especially those you care deeply for. But, you have to protect yourself, first and foremost.

What would happen if he didn%26#039;t pay you back? Can you really afford to lose twenty- five grand?

Should I help my boyfriend get out of debt?

No, absolutely not. You are not a spring chicken any more, but we are living longer and you will want to retire in a few years. Rather than pay someone else%26#039;s bills, go to a financial adivisor and invest the $25,000 in something that will give you a nice return a little later on. Giving this guy your money will only wreck your relationship. You don%26#039;t owe him anything. God bless.

Should I help my boyfriend get out of debt?

I would say no. You%26#039;re not married and therefore it%26#039;s his own debt and you aren%26#039;t obligated in anyway to give him money. Even if he says he%26#039;ll pay you back. If he will be paying you monthly to repay you for helping him out, then he can simply put that money right towards his debt instead. He got himself into this trouble and he should get himself out of it.

Should I help my boyfriend get out of debt?

I think there are other ways for him to finance his debt, than for you to lend him the money. At the end of the day its your choice and you know him better than anyone that will respond to you. However, through my experience, I have learned not to mix relationships (be it friendships/family/boyfriends) with monetary commitments. Primarily because, if they don%26#039;t stick to their end, there is disappointment, tension and other issues that may come between the relationship. And at the end of the day all the trouble may not be worth losing or damaging a friend/boyfriend/family relationship.

Should I help my boyfriend get out of debt?

Heck No! At your ages if he can%26#039;t do it on his own then he has some serious problems with finances. This would not be a good idea, starting out in a relationship with him %26quot;borrowing%26quot; money from you. It will come back to bite you in the a**.

Should I help my boyfriend get out of debt?

Wow. This is a tough question but I think it comes down to overall relationship intentions...at least for me it would.

If you are really going to have a life together what is he waiting for? Has he not asked you to marry him? If he has then what are you waiting for?

I mention this because if there truly is a lifelong bond here then you should do what it takes to help him and money is never an issue.

However, a relationship as boyfriend / girlfriend just living together...see how it goes relationship...is not worthy of making a committment like this. Again, this post is subject to opinion and I am an all the way kind of person....no middle ground. In or Out. I give everything once you committ.

PS did so 26 years ago and we are happy to this day.

Should I help my boyfriend get out of debt?

I know you want to help him, but I also sense a little unease on your part. You know logically that you incur a risk, if you loan him the money, that you don%26#039;t incur, if you don%26#039;t do the loan. But on an emotional level - it sounds like this is someone who you love and trust. You don%26#039;t want to let him down by not loaning him the money. I think you should show him this string of Answers (most of which are really really good!) and ask him what he thinks. If he%26#039;s an honest and caring person, he%26#039;ll want you to be covered in the event that something unforseen happens to him! If you%26#039;re going to do the loan, I%26#039;d absolutely have a lawyer draw up the papers and you both sign. It%26#039;s a good deal for him and you have more peace of mind. All the best.

Should I help my boyfriend get out of debt?

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